A bank account for a lottery syndicate

born_again

I Do this. We have 15 users.
HSBC basic acc. That I was not using. Set up a saving acc to put any winnings into.
Get everyone to set up a standing order to pay each week.
Set up a DD Lottery payment.

Means you can sit back and do next to nothing.... Except check the email that says you have won a free luck dip :T
Share out the £10 of winnings every year :eek:

YorkshireBoy

born_again wrote: »

Get everyone to set up a standing order to pay each week.
Set up a DD Lottery payment.

Means you can sit back and do next to nothing.... Except check the email that says you have won a free luck dip

Wouldn't you want to keep an eye on the account in case some of the inbound SOs didn't credit? After all, if a DD is bounced (due to insufficient funds available) then that's a mark on your credit file.

Obviously a float would take care of a little of the worry, but who'd agree to a float?...if people are paying you money they'd want it invested gambled each week.

jonesMUFCforever

Maybe a club society account would suit here.#
To the poster that said you won't win = well I know of a local syndicate that won over a million quid a few years ago they all got about £75000 each.

YorkshireBoy

jonesMUFCforever wrote: »

Maybe a club society account would suit here.

I had a look at those when the OP posted, but most (all?) seem to be for 'non-profit' organisations (with a turnover <£250K)...and I'd have thought the main objective of a lottery syndicate would be to generate profit!

JustAnotherSaver

born_again wrote: »

I Do this. We have 15 users.
HSBC basic acc. That I was not using. Set up a saving acc to put any winnings into.
Get everyone to set up a standing order to pay each week.
Set up a DD Lottery payment.

Means you can sit back and do next to nothing.... Except check the email that says you have won a free luck dip :T
Share out the £10 of winnings every year :eek:

To be honest i would check it weekly.

You just never know. Someone could cancel their SO because they don't want to play or because they want to try and 'get away with it' or whatever other reason - so you're left trying to play £20 worth of tickets when there's only £18 to play with.


I think we'd have a payout at Xmas time, subject to a minimum amount per person payout.

Sea_Shell

Where I worked, they just kept buying more tickets with their occasional small winnings, so no one ever actually got a "payout"!! I didn't participate.

I would have loved to see what management would have done if the syndicate DID win big, and 20+ people all handed their notice in at the same time. It would have been carnage, and fun to watch for a while....but I was in a position to have walked away anyway.

I think business can insure against this happening, but I bet hardly any do.

Nebulous2

The national lottery does a guide for syndicates. I've no idea if it goes into separate bank accounts, but it does appear to cover agreements, what happens if someone doesn't pay etc.

born_again

YorkshireBoy wrote: »

Wouldn't you want to keep an eye on the account in case some of the inbound SOs didn't credit?

Normal procedure to check each account on at least a weekly basis.:T